(CNN) -- Here's a look at what you need to know about the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.

Cyprus:
July 11, 2011 - An munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.

December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.

June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the EU and the IMF to prop up its banks. According to the International Monetary Fund, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.

January 21, 2013 - Eurozone finance minister tell the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.

February 24, 2013 - Conservative Nicos Anastasiades is elected president by a double-digit margin.

March 16, 2013 - Cyprus reaches an agreement on a bailout with eurozone finance ministers, the IMF and the European Central Bank. The terms include a one-time tax of 9.9% on bank deposits of more than €100,000. Smaller deposits would pay a tax of 6.75%. This "haircut" reduces the total amount of the EU bailout to approximately €10 billion. Cyprus also agrees to raise its corporate tax rate and ensure its banks aren't havens for money laundering.

March 19, 2013 - Cyprus' Parliament rejects the EU bailout, after protests from the public.

March 19, 2013 - The U.K. flies a plane with €1 million aboard to provide cash for 3,000 British soldiers stationed on Cyprus.

March 20, 2013 - Cyprus' cabinet holds emergency talks to work out a new deal with either Russia
or the EU. The government orders banks that have been closed since March 16, to remain closed.

March 25, 2013 - Cyprus reaches a deal with the EU for a €10 billion bailout. The terms include: closure of the country's second biggest bank, Popular Bank of Cyprus; an increase of tax rates on capital gains and businesses; privatization of state assets; and reduction of the size of the banking industry by 2018. Approximately 10,000 people may lose their jobs.

March 25, 2013 - Cyprus' Ministry of Finance announces that banks will remain closed until March 28th, to guard against people rushing to withdraw their money.

March 28, 2013 - Banks reopen.

April 30, 2013 - The parliament votes to approves the EU bailout.

Greece:
January 1, 2001 - Greece drops its currency, the drachma, to join the European Union "eurozone." Greece is the 12th country to adopt the currency. In order to meet the EU's standards, Greece makes deep cuts in public spending.

November 15, 2004 - Greece admits that it gave misleading information to gain admittance to the eurozone. One of the EU's requirements for eurozone member countries is deficits below 3% of GDP. Greece has not met those criteria since 1999.

March 29, 2005 - The government hikes taxes on alcohol and tobacco to raise funds.

June 2005 - Unions call for strikes in response to Prime Minister Kostas Karamanlis's plan to cut pensions and raise the retirement age.

July 21, 2011 - European leaders agree to a second bailout package. European governments and the IMF will contribute a total of €109 billion. Private bond holders will be expected to contribute €37 billion.

September 14, 2011 - German Chancellor Angela Merkel and French President Nicolas Sarkozy issue a joint statement following a phone call with Greek Prime Minister George Papandreou. The leaders say that enacting a set of proposals the European Council announced in July to support Greece and prevent a broader crisis are now more important than ever to "ensure the stability of the eurozone."

September 27, 2011 - Greek Prime Minister George Papandreou says that, "(he) can guarantee that Greece will live up to all its commitments" and, "I promise you we Greeks will soon fight our way back to growth and prosperity."

October 2, 2011 - The Greek cabinet announces that it adopted a draft budget for 2012, but will miss key deficit targets. According to the preliminary budget, Greece's budget deficit will be 18.69 billion euros, or 8.5% of GDP, in 2011. Greece originally agreed to a deficit of 17.1 billion euros, or 7.8% of GDP, with the International Monetary Fund, European Commission and the European Central Bank.

October 19-20, 2011 - Tens of thousands of people protest against new austerity measures being considered by Greece's Parliament. At least one person is killed.

October 27, 2011 - European Union leaders announce an agreement on debt crisis measures, including a deal with private sector investors to write down Greek bonds by 50%, which translates to €100 billion and will reduce the nation's debt load to 120% from 150%.

November 6, 2011 - Greece's Prime Minister George Papandreou announces that he will resign from office on the condition that the €130 billion deal is approved.

November 11, 2011 - Lucas Papademos, a former professor, banker, and European Central Bank vice-president, is sworn-in as prime minister of Greece.

February 21, 2012 - Eurozone finance ministers approve a second bailout for Greece, including €130 billion ($173 billion) in new financing.

March 9, 2012 - Creditors agree to a plan to restructure Greek government bonds. The deal means Greece has cleared its final hurdle to qualify for the €130 billion bailout program from the European Union and International Monetary Fund.

May 15, 2012 - Greece's President Karolos Papoulias announces that the country will have to hold new elections. This is after no political party is able to form a coalition government nine days after the election.

June 17, 2012 - New elections are held.

June 20, 2012 - New Democracy leader Antonis Samaras is sworn in as Greece's new prime minister.

June 21, 2012 - Greece swears in a new cabinet, putting an elected government in charge of the country for the first time in 224 days.

November 8, 2012 - The Greek parliament adopts a new round of austerity cuts. The final tally in the 300-member parliament was 153 votes in favor of the cuts and 128 opposed, with 18 abstentions.

November 11, 2012 - The Greek parliament approves the nation's 2013 austerity budget that contains steep cuts required for Greece to receive the next installment of economic bailout funds. The final tally in the parliament was 167 votes in favor, 128 opposed, with four abstentions.

Ireland:
September 2008 - Ireland is the first eurozone country to fall into recession.

September 30, 2008 - During the international financial crisis, Ireland announces a bailout plan worth €400 to stabilize the country's six main banks.

December 18, 2008 - Chairman of Anglo Irish Bank Sean Fitzpatrick resigns, admitting that he hid €80 million in secret loans from shareholders.

December 21, 2008 - The Irish government pumps €5.5 billion in three of the country's largest banks.

January 15, 2009 - The Irish government is forced to nationalize Anglo Irish Bank to keep it from collapsing.

February 10, 2009 - Insurance company Irish Life & Permanent confirms that it made a loan to Anglo Irish of €7 billion in 2008.

February 11, 2009 - Ireland announces that it will prop up Bank of Ireland and Allied Irish Bank with 7 billion. The government takes a 25% indirect stake in the banks.

February 20, 2009 - A report is released showing that Anglo Irish lent €451 million to 10 large customers, so they could buy shares in the bank. There are 15 customers who each owe the bank €500 million.

February 21, 2009 - Tens of thousands of protesters rally in Dublin.

May 29, 2009 - The government props up Anglo Irish bank with another €4 billion.

February 19, 2010 - The government takes a 16% direct stake in Bank of Ireland, when the bank can't make a payment.

October 26, 2010 - The Irish government announces it must make budget cuts of €15 billion in order to reduce the budget deficit to 3% of GDP by 2014.

November 21, 2010 - Prime Minister Cowen announces that Ireland has applied for aid from the EU and IMF.

November 24, 2010 - Ireland outlines €15 billion in spending cuts and tax increases. It refuses to raise its low tax on corporations. This plan is intended to reduce the budget deficit to 9.1% of GDP in 2011.

December 23, 2010 - The government injects another €3.7 billion into Anglo Irish bank, taking its stake to 93%.

March 31, 2011 - An examination of the books of Irish banks shows a €24 billion shortfall. The Central Bank of Ireland says that it expects that the government will take control of the country's six largest banks.

August 12, 2011 - The European Securities and Markets Authority imposes a ban on short selling stock in Italy.

September 7, 2011 - The Italian Senate votes to approves an austerity package designed to bring down the country's soaring budget deficit. The plan would increase the value added tax from 20% to 21% and bring in an additional €4.2 billion per year.

November 8, 2011 - The office of Italian President Giorgio Napolitano announces that Prime Minister Silvio Berlusconi will resign when the country's budget is confirmed by the senate.

November 12, 2011 - The Italian Parliament approves austerity measures which include selling state assets and raising the retirement age.